Will Pyth extend its upward price move amid record DeFi trading activity?

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Pyth jumps 8.34% today to $0.0651

Highlights

Pyth Network reported a record $829.4 billion in real-world asset perpetual trading volume for October.
Adoption of Pyth solutions and increased platform visibility are supporting heightened demand for the Pyth token.
PYTH/USD remains in a sustained bullish trend, with strong buy momentum and an expected 2 to 3 day range of $0.0629 to $0.0673.

Record trading volume drives demand as defi adoption rises

Pyth Network has reported a record $829.4 billion in real-world asset perpetual trading volume for October, according to Coinfomania. This surge in trading activity highlights expanding engagement with Pyth's solutions and signals rising adoption within decentralized finance markets. Increased platform usage and visibility are likely fueling heightened demand for the Pyth token and underpinning current upward momentum.

Bullish momentum confirmed as technical indicators stay balanced

On the technical front, PYTH/USD is trading above the MA-20 and MA-50 on the hourly chart, and above the MA-200 on the daily. The Ichimoku Kijun level at $0.063 serves as immediate support. MACD indicates strong buy momentum, while ADX also signals bullish conditions. RSI, Stoch RSI, and CCI are all in neutral zones, indicating balanced momentum without overbought or oversold extremes. Bull/Bear Power is slightly positive intraday, but the Awesome Oscillator remains neutral, tempering strong trend conviction.

Upside favored as consolidation expected within tight trading range

Looking ahead, Pyth is expected to trade within a $0.0629 to $0.0673 range over the next two to three days. The probability of further upside is very high, while the risk of a downside move is considered very low. The base case anticipates consolidation inside this band; however, if resistance is breached, a continued uptrend may develop. Conversely, a drop below key support could lead to a short-term corrective pullback.

Anton Kharitonov, expert at Traders Union, sees strong headline numbers for Pyth, but remains cautious despite improved technicals and trading momentum. He notes that increased usage is driving demand, but broader market conviction is still unproven. Key support must hold to avoid pullback risk. "Until PYTH decisively breaks above $0.0673 or shows sustained accumulation, I remain defensive and see near-term moves as tactical rather than trend-defining."

Earlier, analysts noted that Pyth was experiencing persistent weakness due to subdued trading participation and the absence of catalysts. The current surge in trading volume and platform adoption strengthens the technical outlook, with traders advised to monitor the potential for a sustained breakout if resistance is cleared.

Source of Data: PYTH Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.